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GBP/USD muted near 1.4360 on UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling remains on the defensive today, with GBP/USD retreating to the 1.4360 area following UK releases.

    GBP/USD tests 1.4350 post-data

    The pair briefly tested lows near 1.4350 after UK’s Claimant Count Change has increased by 6.7K during March and Average Earnings including Bonus rose below expectations 1.8% during February. The unemployment rate stayed unchanged at 5.1%, as expected.

    In the meantime, spot keeps its correction lower from yesterday’s peaks above 1.4400 alive, amidst profit taking and USD recovery.

    GBP/USD levels to consider

    As of writing the pair is down 0.22% at 1.4365 and a breakdown of 1.4247 (55-day sma) would open the door to 1.4092 (38.2% Fibo of 1.3833-1.4517) and then 1.4004 (low Apr.6). On the other hand, the next up barrier aligns at 1.4435 (100-day sma) followed by 1.4460 (high Mar.30) and finally 1.4517 (high Mar.18).
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